After years of complaints by the public and pressure from consumer groups, on Tuesday the banks will finally begin processing internet and phone payments more quickly

Even as the finishing touches were being put to the Faster Payment Service, though, a banking expert warned that it could lead to more fraud.

Stephen Ley at Deloitte & Touche, the professional services group, said: "The new system could lead to increased risk of fraud, as it will be harder for banks to detect and block fraud in the time available. The existing process relies, in part, on banks having sufficient time to detect suspicious transactions."

The Faster Payment Service is said to enable electronic payments, typically made via the internet or phone, to be processed in what Apacs, the banks' association, claims will be "hours rather than days".

However, it is not happening all at once. The service will be rolled out gradually, so you may not see any difference at first. It will cover just 5% of all payments when it gets under way next Tuesday.